Each quarter throughout the year, assorted real estate entities publish statistics for each Town on the East End of Long Island, pulling numbers from a variety of sources.
The statistics are based on:
1) when a deed is recorded by the County. The delay between the actual closing and when the deed is recorded can be weeks
2) data from a multiple listing service or “MLS.” Because East End real estate agencies are not affiliated with any one multiple listing service, the information can vary from agency to agency, depending on the database used
3) the Town Assessor’s office which uses the County as its primary source. Some transactions are conducted directly between principals and, as such, may not be available on databases used by real estate agencies.
The only accurate method to drawing conclusions from quarterly statistics is to wait until the County records the deeds for the particular time frame, however, in the interest of news, incomplete statistics are frequently reported which can paint an inaccurate picture of the market in a particular Town.
Halfway through the third quarter, the second quarter statistics are now available:
• Qtr Year #Sales Total Dollar Amount Median
• 2nd 2017 26 $27,775,000 $805,000
• 2nd 2016 28 $33,167,810 $902,500
• 2nd 2015 18 $17,650,900 $705,000
2nd quarter 2017 sales are down 19.31% compared to 2016, but both 2016 and 2017 are stronger than 2015. There were two additional sales with strong price points in 2016 compared to 2017, which affected the median.
The first half of 2017 is 6.132% less than 2016, and both 2016 and 2017 are stronger than 2015.
First 6 Months
• 2017 48 $53,989,380
• 2016 53 $57,516,810
• 2015 30 $30,582,025
Seven weeks into the 3rd quarter, there are ten properties that have gone into contract, and others are experiencing rigorous negotiations with multiple offers. Cash offers are prevalent and although in some cases lower than financed offers, sellers are choosing to go with the cash offers. With homes in the $500K to $750K range becoming scarce, properties in over $750K to $999K are now considered starter homes.
As is frequently the case during the summer, some customers new to the market dip their toe into the water with low offers, much to the consternation of sellers. Listings that have been offered for over a year have been receiving interest and offers, giving sellers an optimistic outlook toward the Post Labor Day market.